In August 1994, Berkshire Hathaway finished a seven-year buying spree in Coca-Cola, spending about $1.3 billion on 400 million shares that are now worth roughly $37 billion at around $93 per share. Berkshire's annual Coca-Cola dividend has grown from $75 million in 1994 to $816 million in 2025, and the current quarterly rate implies about $848 million a year. The author argues that Buffett's starting yield of about 5.8% cannot be matched today, when a new buyer would receive a yield of about 2.3%, and the stock trades near 29 times trailing adjusted earnings versus 23 times at the end of 2025. Coca-Cola reported 6% organic revenue growth and an 11% rise in adjusted earnings per share in the second quarter of 2026, while management expects 9% to 10% adjusted EPS growth for 2026. The shares have risen about 34% since the end of 2025.
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